The ongoing recovery in senior housing fundamentals in the first quarter of 2023 was supported by the lowest rate of senior housing construction since 2014.
Furthermore, construction is expected to remain suppressed during this period of significantly higher financing costs, according to NIC's chief operating officer, Chuck Harry, in prepared remarks.
Q1 marked the seventh consecutive quarter that occupancy rates increased, moving higher by 0.3 percentage points to 83.2%, according to the NIC MAP Vision released by the National Investment Center for Seniors Housing & Care (NIC).
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